
	June 30, 2025		December 31, 2024
	(In millions)
Land	$	35.3	$	35.0
Buildings and improvements	383.1		378.1
Machinery and equipment	1,114.4		1,063.3
Construction in progress	117.8		120.6
Total	1,650.6		1,597.0
Less accumulated depreciation	(892.1)		(848.4)
Property, plant, and equipment, net	$	758.5	$	748.6

Depreciation expense was $28.9 million and $24.1 million for the three months ended June 30, 2025 and 2024, respectively, and $57.2 million and $48.6 million for the six months ended June 30, 2025 and 2024, respectively.

We evaluate property, plant, and equipment, operating lease right-of-use assets, and finite lived intangible assets for impairment when circumstances indicate that their carrying values may not be recoverable. Indicators of impairment include deteriorations in operating cash flows, the anticipated sale or disposal of an asset group, and other significant changes in business conditions.

During the second quarter of 2024, as a result of forecasted cash flow losses, the Company made the decision to exit the RTD business. As a result, the Company performed a recoverability assessment over the RTD asset group in the second quarter of 2024, which indicated that the asset group was not recoverable, and we were required to determine the fair value of the business. Our fair value assessment indicated that the carrying value was in excess of the fair value, and an impairment of $19.3 million of property, plant, and equipment was recognized in our RTD beverages asset group. The impairment charge was included in Asset impairment in the Condensed Consolidated Statements of Operations.

Impairment charges are measured by comparing the carrying value of the asset group to its estimated fair value. The fair value of the asset group was based on expected future cash flows using Level 3 inputs under ASC 820. We can provide no assurance regarding the prospect of additional impairment charges in future periods.